AUD / USD Current Price: 0.6049
- Australian NAB consumer confidence fell from -2 to -11 in Q1.
- The rebound in crude oil prices provided temporary support for the commodity-related Aussie.
- AUD / USD with a downside bias risk, about to challenge 0.6000.
AUD / USD fell for the third consecutive day, ending the US session around 0.6040 and posting a daily low of 0.6006. The pair rebounded from the low mentioned in the midst of the sharp rise in oil prices, providing temporal support to commodity currencies, although the advance was limited by prevailing demand for the dollar. Australia released the T1 NAB T1 Business Confidence Index earlier today, dropping from -2 to -11. In the next Asian session, the country will release the AIG March Construction Performance Index, previously at 42.7, and the Commonwealth Banking PMI, which are expected to match the preliminary estimate and the result to 39.8.
AUD / USD short term technical outlook
AUD / USD offers a moderate bearish position, according to the 4-hour chart, as it continues to trade below its 20 SMA, while hovering around 100 bearish SMA. The technical indicators of the mentioned graph are at negative levels, although they lack directional strength. A break below the 0.6000 level should open the doors to a more marked decline.
Support levels: 0.6035 0.6000 0.5960
Resistance levels: 0.6075 0.6110 0.6150
See the live chart for AUD / USD